Coral Gables shopping center sells for $16.5 million

April 13, 2015 10:11 PM

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A group of investors paid $16.5 million for a 45,000-square-foot, mixed-use shopping center on South Dixie Highway in Coral Gables on Monday.

The buyers — 13th Floor Investments, Gadinsky Real Estate and Echion USA — will continue to operate the site, called the Riviera Plaza, as it exists today but may redevelop it as a retail and residential property in the future.